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Dec 5, 2012
12/12
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one gigantic law firm with a bank attached. that's how much their earnings have been dependent upon legal obligations. and that's what cuts them. bank of america led the dow today, broke out above $10. a level hasn't been seen in ages as the unsold homes dwindles, i think it probably goes higher. here's the bottom line, listen to me, go ahead, be gloomy, you have every right. be critical, and be angry at those who can't rise above the rhetoric in washington to avoid a recession. and don't even have the common decency to give us legislation before taking a vacation. you know what these people remind me of? they remind me of the star trek villain who showed the wrath on us by sticking proverbial ear wigs into our ears. but the ceos of the companies themselves, sorry, in true scotty fashion, they're giving her all they've got, and just like spock, they want you to live long and prosper. bob in florida, bob? >> caller: hey, big boo-yah to you, cramer. >> right back at ya. >> caller: first thing i want to do is thank you quick for a
one gigantic law firm with a bank attached. that's how much their earnings have been dependent upon legal obligations. and that's what cuts them. bank of america led the dow today, broke out above $10. a level hasn't been seen in ages as the unsold homes dwindles, i think it probably goes higher. here's the bottom line, listen to me, go ahead, be gloomy, you have every right. be critical, and be angry at those who can't rise above the rhetoric in washington to avoid a recession. and don't even...
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Dec 10, 2012
12/12
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. >> so law enforcement never got involved? >> right. it was one of those, they are across the street. look what happens at the jeep plant. that's why it is such a high profile story. >> wow. phil, thank you. >>> to facebook now. stock continuing to build on its recent rally. up to $27.94. the social media giant making an unfriendly move to hold on toity traffic. facebook about 45% in the last month. we just told you the trading level. so julia, what this means for users and investors alike, hi, julia. >> hi, sue. instagram and twitter are breaking up. facebook which owns instagram is not letting people upload photos to twitter. it is driving people back it instagram owned by facebook where they can post ads and make money. as facebook focus shifts from acquisition of users, the wall garden approach will become necessary. i think it'll work for them. apple ios is a good example of a wall-guarded approach. facebook is cracking down on game developers with two new policies to prevent them from luring traffic away and lending to the social
. >> so law enforcement never got involved? >> right. it was one of those, they are across the street. look what happens at the jeep plant. that's why it is such a high profile story. >> wow. phil, thank you. >>> to facebook now. stock continuing to build on its recent rally. up to $27.94. the social media giant making an unfriendly move to hold on toity traffic. facebook about 45% in the last month. we just told you the trading level. so julia, what this means for...
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Dec 7, 2012
12/12
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in colorado, the governor has yet to sign the pot law voters passed there. democratic congressman told us before the election they have to figure out what this means in terms of whether the military might come in or how they're going to do this whole thing between the feds and the state. since the election, he's co-sponsored a bill in congress to ban the federal government from interfering with state laws on marijuana. the bill has bipartisan support. there are pot-related stocks, guys. the biggest is med box, which makes pot vendsing machines. market cap of $300 million. look what happened after the election. the stock is up over 1,000% since going up in august. take that, facebook. >> well said, jane. thank you very much. all right. so could legalizing marijuana help dig us out of our financial hole? let us bring in the executive director of the national organization for the reform of marijuana laws, known better has normal. any input into the financial benefits of the impact of tax revenue and the benefit of simply putting fewer people into jail for carry
in colorado, the governor has yet to sign the pot law voters passed there. democratic congressman told us before the election they have to figure out what this means in terms of whether the military might come in or how they're going to do this whole thing between the feds and the state. since the election, he's co-sponsored a bill in congress to ban the federal government from interfering with state laws on marijuana. the bill has bipartisan support. there are pot-related stocks, guys. the...
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Dec 4, 2012
12/12
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those laws sometimes are forced a and sometimes not. this young man there was no reason legally to deny him the ownership of a firearm. so the suggestion by bob costas who ought to be fired for the comments, his outrageous suggestion that the civil rights of americans all 300 million of us should be taken away and we should be denied the right to own a gun that would be the only way to take it away from jovan belcher is to say no one can own a gun other than military or police. that's an outrageous suggestion. costas ought to be fired. >> larry it's ridiculous we're talking about firing a guy for trying to start a debate about how to control guns in this country. >> i don't want to talk about -- i want to leave the costas situation alone. he said what he said. what i want to talk about igor is the issue of violating the second amendment or greater gun regulation would have stopped this? i mean the question i have -- look, this guy was a big drinker. he suffered concussions. he use ad lot of pain killers. clearly, clearly he had huge men
those laws sometimes are forced a and sometimes not. this young man there was no reason legally to deny him the ownership of a firearm. so the suggestion by bob costas who ought to be fired for the comments, his outrageous suggestion that the civil rights of americans all 300 million of us should be taken away and we should be denied the right to own a gun that would be the only way to take it away from jovan belcher is to say no one can own a gun other than military or police. that's an...
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Dec 4, 2012
12/12
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they pass a tax law. they get people to invest in it. then they turn around and blame you for taking advantage of the tax law. they call it incentives. then they call it loopholes. i think we have to get the government out of that part of the business. that tax code has to be changed. >> you've got to pay your fair share. >> everybody should pay their fair share. >> allstate is reducing its exposure to muni debt. why? is this a reaction to the fiscal cliff? >> well, we started reducing our municipal debt a couple years ago when the recession was on and state governments were having a hard time. we just had too much. we had about $26 billion. now we're down to 13. i feel good at where we're at. we reduced it for four reasons. if you're loaning somebody money, right, you want to make sure they got income to pay you. you want to make sure they got decent balance sheet. you got to like the management team. you got to like governance. in many of these states, we didn't like all four of them. we thought they didn't have any money, weren't gene
they pass a tax law. they get people to invest in it. then they turn around and blame you for taking advantage of the tax law. they call it incentives. then they call it loopholes. i think we have to get the government out of that part of the business. that tax code has to be changed. >> you've got to pay your fair share. >> everybody should pay their fair share. >> allstate is reducing its exposure to muni debt. why? is this a reaction to the fiscal cliff? >> well, we...
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Dec 7, 2012
12/12
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the law would make the home of the u.s. auto industry the 24th right-to-work state banning mandatory unions. >>> a facebook post back on july 3rd leading to a wells notice for the ceo of netflix. the stock took a hit after hours. joining us on the "squawk" news line, the managing director of equity research at webbush securities. you have a very different analysis. you said it should have been an 8k and the information of a billion hours, that that was material? >> i think -- yes, on both of those. i think that reed is defining public the way noah webster defined public, and unfortunately webster doesn't run the s.e.c. the regulations are pretty clear and they specify the manner in which you can make public dissemination of material information and facebook just isn't one of those. >> so we're wrong, then, we have been under the impression that a ceo could come on cnbc and release nonpublic information and that would be okay because we're public. you think the only way to do it is an 8k? >> there's a specific rule for news
the law would make the home of the u.s. auto industry the 24th right-to-work state banning mandatory unions. >>> a facebook post back on july 3rd leading to a wells notice for the ceo of netflix. the stock took a hit after hours. joining us on the "squawk" news line, the managing director of equity research at webbush securities. you have a very different analysis. you said it should have been an 8k and the information of a billion hours, that that was material? >> i...
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Dec 4, 2012
12/12
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once you get into a situation where tax laws are more stable and not -- >> it's smooths out. it smooths out. but the point is next year as joe just pointed out we'll see in 1986 those gains fell by more than half. the government collected half what they did the previous year, so we're going to see a really spiky income and revenue situation for the next two years. >> the question is what would happen, though, if you had a simpson/bowles-type plan. it plans to take dividends to 28% along with ordinary income. but 28% is higher than it would go up under most of the proposals. >> but this all begs the question of a great example this whole fiscal cliff the conversation we're having right here around the table about the simplification of our tax system. we laid out back during the campaign was basically a 20% flat tax across the board and gets away from all of these exemptions and all of the quite frankly you having to have two cpas and a lawyer to be able to do your taxes. and that's where washington really needs to be focused when we talk about what do they really need to be do
once you get into a situation where tax laws are more stable and not -- >> it's smooths out. it smooths out. but the point is next year as joe just pointed out we'll see in 1986 those gains fell by more than half. the government collected half what they did the previous year, so we're going to see a really spiky income and revenue situation for the next two years. >> the question is what would happen, though, if you had a simpson/bowles-type plan. it plans to take dividends to 28%...
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Dec 6, 2012
12/12
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richard schimel is the e ex-brother in law. lock capital management. two of those had already closed. level global has closed, in fact one of us founders, andrew chasen is on trial right now. diamondback went down to about $2 billion, but as of this morning, that is no long ter case. the hedge fund saying that given redemption requests came in about 26% of total asset ors $520 million. it would be left with $1.45 billion apparently that's just not enough to run the successful hedge fund. they did have 140 or so people working for them. not sure how much they have trended that. as of now, their seven-year track record at this point. but they have spending redemptions as you might expect. rushing all of the assets to fund holders. often times in these cases, you'll see people run out and look at 13, and say oh, what are they going to be selling? but they have already sold a lot in anticipation. so don't look for any ability there to kind of drive them even further down, because oftentimes they will sell their biggest positions. nonetheless, another large
richard schimel is the e ex-brother in law. lock capital management. two of those had already closed. level global has closed, in fact one of us founders, andrew chasen is on trial right now. diamondback went down to about $2 billion, but as of this morning, that is no long ter case. the hedge fund saying that given redemption requests came in about 26% of total asset ors $520 million. it would be left with $1.45 billion apparently that's just not enough to run the successful hedge fund. they...